Comparative GDPs of G20 Countries: India’s Position and Future as a Global Power – By Ahmed Sohail Siddiqui
The Group of Twenty, commonly known as the G20, comprises the world’s major economies, representing both developed and developing nations. Among these nations, India stands out as a country with immense potential and a unique set of challenges. In this article, we will explore the comparative GDPs of G20 countries, delve into why India’s GDP is relatively lower, and discuss how the world views India’s future as a global power.
Comparative GDPs of G20 Countries:
The G20 consists of diverse economies, with varying levels of development and economic output. As of the last update in September 2021, the combined GDP of the G20 countries accounted for roughly 85% of the world’s total GDP. The countries at the top of this list include the United States, China, Japan, Germany, and others with well-established economies and high GDP figures. India, on the other hand, finds itself in the lower end of the spectrum among G20 nations in terms of GDP.
India’s Position and Factors Contributing to its Lower GDP:
Several factors contribute to India’s relatively lower GDP compared to some other G20 nations. These factors include:
Population: India has a massive population, which while being a valuable resource, also poses a challenge. With over 1.3 billion people, creating job opportunities and ensuring equitable growth becomes a complex task.
Infrastructure Challenges: While India has made significant strides in infrastructure development, it still faces limitations in terms of transportation networks, energy supply, and urban planning. These limitations can hinder economic growth.
Informal Economy: A significant portion of India’s economy operates in the informal sector, which often goes unaccounted for in GDP calculations. This can lead to a skewed representation of the actual economic output.
Income Inequality: Income disparity in India is quite high, with a substantial percentage of the population still living in poverty. This can affect overall economic growth and consumption patterns.
India’s Future as a Global Power:
Despite these challenges, India’s future as a global power holds immense promise. The world recognizes India’s potential due to several key factors:
Demographic Dividend: India has a youthful population, which can contribute significantly to the workforce, innovation, and economic growth. However, this potential must be harnessed through education and skill development.
Technological Innovation: India has emerged as a hub for technological innovation, particularly in the IT and software sectors. The country’s skilled workforce is driving advancements in artificial intelligence, biotechnology, and other cutting-edge fields.
Geopolitical Importance: India’s strategic location and its diplomatic ties make it a crucial player on the global stage. Its democratic values, stable political system, and commitment to international cooperation enhance its global influence.
Economic Reforms: The Indian government has been actively implementing economic reforms to attract foreign investment, improve the ease of doing business, and promote entrepreneurship.
Renewable Energy: India is making strides in adopting renewable energy sources, positioning itself as a leader in sustainable development and environmental stewardship.
In conclusion, India’s GDP might be lower compared to some G20 nations due to various challenges, but the country’s potential and efforts cannot be overlooked. As the world watches, India’s trajectory toward becoming a global power is shaped by its demographic advantage, technological prowess, and diplomatic initiatives. With sustained reforms and investments in key sectors, India has the potential to emerge as a significant player in the global economy and geopolitical landscape.
( Ahmed Sohail Siddiqui is the Chief Editor Bismillah News Channel, New Delhi)